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  "documentTitle": "European Banking Barometer 2015",
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      "text": "Post-AQR industry restructuring will gather pace, but sector consolidation remains some way off.",
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      "text": "Acquisitions are likely to be small in scale and focused on strengthening core businesses and existing capabilities. Significant sector consolidation remains unlikely: just 28% of banks expect large- or medium-scale consolidation in the coming year. Although 53% of bankers expect significant consolidation within three years, this has fallen from 65% in 2014.",
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      "text": "Sector restructuring had slowed ahead of the ECB’s comprehensive assessment but, following the exercise’s completion, banks are now once more reassessing their business and geographic footprints. Asset disposals and acquisitions are likely to be driven by the structural reform agenda, with 41% of universal banks expecting to sell assets.",
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      "text": "The combination of low growth, continued industry restructuring and further job cuts means bankers are now less optimistic about the prospects for industry pay. Although 22% of respondents expect aggregate pay to increase, 19% expect it to fall. Notably, although 4% expected aggregate pay to increase by over 10% in 2014, none do this year. In fact, 10% of respondents now anticipate a double-digit reduction in pay.",
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      "text": "Forty-three percent of bankers expect headcount to fall, compared with 38% in our last survey, with headcount reductions focused in operations and IT, other head-office functions and retail banking. The UK is the only market where more respondents expect headcount to rise than fall.",
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